Ken Newton, COO
“We believe that the medical community— doctors, laboratories, medical groups, and other medical-related businesses—should get every penny they’ve earned as they work hard and faithfully serve their patients. Our goal as an organization is to ensure that it happens.” This statement comes from Ken Newton, the Chief Operating Officer of MedXPrime Revenue Recovery. The company’s motive is driven by the increasingly prominent financial crisis and a management pain point for many medical-related practices—lost insurance revenue. In today’s juggling economy, business issues in the medical industry usually take precedence in determining the sustainability of the medical practice. Taking into consideration the struggle of care providers around the business side of health care— collecting payment on insurance claims, especially concerning medical billing and coding—stays a bottleneck.
According to the American Medical Association’s recent study, medical practitioners spend almost $15,000 annually on phone calls, investigative work, and claims appeals associated with reworking claims, only to be unsuccessful in maintaining satisfactory collections. Even after tackling a myriad of rules and regulations to get compensated from insurance companies and public payers, practitioners experience a substantial loss in revenue, which is attributable to medical billing errors and rejected claims for reimbursement. Newton sums up the issue saying, “Insurance A/R is subject to very strict timely filing deadlines. Every day of delay, you can visualize your claims falling off a cliff, lost forever. With prompt action, we potentially can minimize that loss.”
As a 100 percent U.S.-based company, MedXPrime Revenue Recovery (mr2) has been a pioneer in the transformation bandwagon to resolve the issue of decreasing revenue. With a billing team that specializes in revenue cycle management and collection of Insurance accounts receivable (A/R), the company prides itself on operating a very client-centric practice. “One of the most valuable but frustrating assets is the insurance accounts receivable. We are a team of experienced recovery specialists that understand claims and how to handle insurance denials. We help clients recover thousands of dollars in lost A/R,” asserts Newton.
mr2 focuses on the “one-percenters” that many billing companies rarely target. What usually haunts decision-makers is not being informed by their current billers about the status of their collections. As insurance A/R is subject to timely filing deadlines, it becomes a necessity to file each day’s claims on time. Regardless of the reason, whether it’s incomplete or incorrect coding, bundled services, demographic errors on claims, or missed filing deadlines, mr2 takes effective actions to recover what it can potentially collect. With a client-oriented strategy at the core of its service, the company offers prioritized and proactive communication via regular, updated reporting that enables its clients to stay informed on the status of their A/R and collections. “As a priority, we have a dedicated focus on proactive and transparent client communication. We provide complete clarity and understanding of our processes to establish total transparency," states Newton.
The company's key differentiator is its "WOW report," which provides an initial, no-cost, detailed sample analysis of aged accounts receivable. mr2 employs a system and detailed process to analyze the insurance A/R and provide its clients with the analysis within 48-72 hours to help them figure out exactly where their current billing company or billing staff is missing out. “We strive to maximize our clients’ income, increase their monthly cash flow, and help them recover their due amount in lost A/R,” explains Newton. He states, “We turn aged accounts into real bottom line assets. We put money in your bank that was not there before and was very likely never going to b e.” Newton adds, “ We’ll s how you things that your current billing staff or billing company probably haven’t shared with you. You’ll learn if they are doing a good job or, more importantly, if they’re not.”
Moreover, mr2 offers its stellar capabilities pertaining to billing in a secure and compliant way. The company provides billing services for all physicians, hospitals, laboratories, dialysis units, outpatient rehabilitation facilities, and home health care facilities. As of today, the company has gained market traction through word-of-mouth referrals. "2019 has been a rewarding and formative year for us. We were gratified and humbled that some of our clients refer their colleagues to us so that they too, can experience the increased financial well-being that we strive to deliver,” concludes Newton.